Global IoT and Virtual Hospital Market Size is valued at USD 16.46 Bn in 2024 and is predicted to reach USD 100.33 Bn by the year 2034 at a 20.0% CAGR during the forecast period for 2025-2034.
The Internet of Things (IoT) and connectivity are revolutionizing the healthcare industry by enabling virtual hospitals. IoT devices provide remote patient monitoring, which improves access and quality of care while lowering costs. These virtual care solutions use wearable sensors and smart medical equipment connected via the internet to broadcast data such as vitals, activity levels, and other health parameters to clinicians even when the patient is not physically present.
The industry is being driven by the increased use of smartphones, smart devices, and wearables to monitor patients. Moreover, the industry is growing as more people use remote patient monitoring to improve out-of-hospital care. Also, rising investments in adopting digital technologies in healthcare institutions, as well as the emergence of connected care, are significant drivers of industry growth. Technological improvements, an increasing geriatric population, and the rising prevalence of chronic illnesses all have a favorable impact on market growth. Furthermore, rising affordability and lower hardware costs are fueling smartphone demand, which is likely to drive market expansion.
The IoT and Virtual Hospital Market is segmented as components, applications, and end-users. As per the components, the market is segmented as Hardware, Software and Services, and Connectivity Devices. By application, the market is segmented into Remote Patient Monitoring, Telemedicine, Store and Forward Telemedicine, health, and Others. By the end-user segment comprises Hospitals and Surgical Centers, Clinical Research Organizations, Government and Defense Organizations, and Research and Diagnostics Laboratories.
The telemedicine segment is expected to grow the fastest over the projection period. The market is being driven by industry consolidation, strategic initiatives by leading market participants, and an increasing need to cut healthcare costs. The industry has various growth opportunities due to rising consumer demand and patient acceptability, improved quality of treatment, and more telemedicine use.
Hospitals and Surgical Centers are the largest contributors to the market and are predicted to expand during the forecast period. This business is being propelled forward by healthcare providers' increased usage of the Internet of Things (loT) enabled medical devices to improve care delivery effectiveness and allow for patient-centric care. The growing frequency of chronic health conditions such as diabetes, cardiovascular disease, arthritis, and cancer has put pressure on hospital resources. The volume of patient data generated is growing at an exponential rate, in tandem with the total number of patients treated.
North America is predicted to be the largest market for IoT and Virtual Hospitals over the forecast period. In North America, the remote patient monitoring application segment now dominates the burgeoning Internet of Things (IoT) and virtual hospital markets. In recent years, advancements in connected healthcare technologies have allowed for more robust remote monitoring of patients, particularly those with chronic diseases. In the North American region, the mHealth application segment also shows great promise for future growth in IoT and virtual healthcare delivery. The proliferation of smartphones and wearable technologies has opened up new avenues for disease self-management and decentralized care.The Asia Pacific region is projected to experience the highest growth within the forecast period due to enhancements in healthcare infrastructure, rising healthcare expenditure in developing Asian nations, and increased adoption of advanced technology to reduce medical expenses and optimize hospital operations, which are driving the demand for IoT in healthcare in the region.
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 16.46 Bn |
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Revenue Forecast In 2034 |
USD 100.33 Bn |
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Growth Rate CAGR |
CAGR of 20.0% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Application, End-user |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Microsoft, IBM, Oracle, GE Healthcare, Siemens, Cerner, Allscripts, McKesson, Koninklijke Philips, Medtronic and others. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global IoT and Virtual Hospital Market Snapshot
Chapter 4. Global IoT and Virtual Hospital Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Component Estimates & Trend Analysis
5.1. by Component & Market Share, 2024 & 2034
5.2. Market End-User (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Component:
5.2.1. Hardware
5.2.2. Software and Services
5.2.3. Connectivity Devices
Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2024 & 2034
6.2. Market End-User (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Application:
6.2.1. Remote Patient Monitoring
6.2.2. Telemedicine
6.2.3. Store And Forward Telemedicine
6.2.4. Mhealth
6.2.5. Others
Chapter 7. Market Segmentation 3: by End-User Estimates & Trend Analysis
7.1. by End-User & Market Share, 2024 & 2034
7.2. Market End-User (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by End-User:
7.2.1. Hospitals And Surgical Centers
7.2.2. Clinical Research Organizations
7.2.3. Government And Defense Organizations
7.2.4. Research And Diagnostics Laboratories
Chapter 8. IoT and Virtual Hospital Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.1.2. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.1.3. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2021-2034
8.1.4. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.2. Europe
8.2.1. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.2.2. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.2.3. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2021-2034
8.2.4. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.3. Asia Pacific
8.3.1. Asia Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.3.2. Asia-Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.3.3. Asia Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2021-2034
8.3.4. Asia Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.4. Latin America
8.4.1. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.4.2. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.4.3. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2021-2034
8.4.4. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.5. Middle East & Africa
8.5.1. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.5.2. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
8.5.3. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2021-2034
8.5.4. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Microsoft
9.2.2. IBM
9.2.3. Oracle
9.2.4. GE Healthcare
9.2.5. Siemens
9.2.6. Cerner
9.2.7. Allscripts
9.2.8. McKesson
9.2.9. Koninklijke Philips
9.2.10. Medtronic
9.2.11. Other Prominent Players
IoT and Virtual Hospital Market By Component-
IoT and Virtual Hospital Market By Application-
IoT and Virtual Hospital Market By End User -
IoT and Virtual Hospital Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
